Just how “patient” is the Federal Reserve? Fed Chairwoman Janet Yellen delved into that question and much more in the first day of her semiannual report to Congress. The central bank has been signaling it would be patient in raising interest rates, which have been pinned near zero for more than six years. Ms. Yellen updated how the Fed might alter its interest-rate guidance to the public while sharing her views on the global economy, “Audit the Fed” proposals, bank regulation and more.

The Journal team live-blogged the action as it happened. Here’s a recap: